The average 30-year fixed-rate refinance rate right now is 6.90%, an increase of 54 basis points compared to one week ago. The average rate on 10-year refinance also inched up. The Federal Reserve has hiked the federal funds rate five times in 2022 to try to slow surging inflation. If inflation cools, rates will likely follow suit, but if inflation remains high, we could see refinance rates maintain their upward trajectory. If rates for a refi are currently lower than your existing mortgage rate, you could save money by locking in a rate now. As always, consider your goals and circumstances, and compare rates and fees to find a mortgage lender who can meet your needs. For more information, visit iReport. . . .
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